Dexia Israel (Public Finance) Ltd. (TASE:DXIL) is allocating a maximum of NIS 247 million credit for Israel's local authorities.
The credit will be allocated against guarantees of 15%-45% of the amount of credit made available by the Ministry of Interior.
Dexia Israel is controlled by Franco-Belgian bank, Dexia (Euronext: DXB; LSE: DEX), and is managed by David Kapah.
The credit will finance the recovery plans of some local authorities.
Dexia yesterday signed an agreement with the Ministry of Finance and the Accountant General regarding the credit to be made available.
The agreement is valid for two years and no loans have yet been approved from this new allocation.
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2009
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